Why Russia and Vladimir Putin are waging an oil war with America

[Yo_Mama_Been_Loggin]

Vladimir Putin knows America's fragile oil industry is built on a mountain of debt. So when Saudi Arabia called for production cuts to mitigate oversupply, Putin decided to pounce.

Russia shocked the world last week by blowing up its shaky alliance with OPEC. Moscow's refusal to join with the cartel is aimed in part at drowning US shale oil companies that rely on higher prices in a sea of cheap crude.

Putin's goal is to wrest market share back from American frackers, whose debt-fueled growth caused Russia to lose its title in 2018 as the world's largest oil producer.

"This is a response to try to cripple the US shale industry," said Matt Smith, director of commodity research at energy research firm ClipperData.

https://www.msn.com/en-us/money/markets/analysis-why-russia-and-vladimir-putin-are-waging-an-oil-war-with-america/ar-BB10YPac?li=BBnb7Kz

[napi21]

1. ust tell DT to call him bossom bud to knock it off! Being such close pals, that shouldn't be

a prob, right?

[brush]

2. Good info. I wondered what was up.

[Quixote1818]

3. In the long run this could be good if it causes us to move in a greener direction faster. nt

[brewens]

4. Not to worry. We just bail out the oil companies if it gets too bad. Ya know, the socialism

they like.

[Spider Jerusalem]

5. Fracking is far worse for the environment than conventional oil or coal, because of methane.

So if this destroys the fracking industry? Good.

[Under The Radar]

6. Not sure which US companies you are referring to

But the net income for Exxon was more than the GDP of Russia and Saudi Arabia combined. I think that majority of the oil leases in the Mideast is owned by Exxon and until the sanctions by Obama, Exxon was in place to get a huge share of Russian oil. Exxon was posting $1billion a year in revenues from Iraq oil fields alone. Exxon has a majority stake in shale in Colorado and Canada but it is a fraction of their total business.
But I am not fooled. We are are not in Iraq and Afghanistan for freedom and liberty.